Don't risk your personal finances with easy credit

Many young people are spreading their wings for the first time as they settle in to their new college housing, meet new friends and cringe at the requirements of that first accounting class or Biology 101.

The pressure is on as they spend Mom's and Dad's savings, scholarship money if they're smart or athletic, or money borrowed against future earnings.

Yes, a college education takes sacrifice and careful budgeting, but traps await students who aren't able to exercise discipline with their money.

Unfortunately, students are faced with tempting offers, of easy credit or cash, that might drive them into financial bondage or bankruptcy by the time they leave college.

Attorney General Jon Bruning urges students to think twice before accepting credit card offers, payday loans, check cashing services or other easy ways to put cash in their wallets.

If they do use credit cards, he urged them to compare cards and use the one with reasonable interest rates and fees.

And use it as little as possible.

"Remember, dinner out, a tank of gas and trips to movies can quickly add up. Before you know it, you've got a larger balance than you can afford," Bruning warned. "Charging too much now means you could still be paying it back after graduation and beyond."

Knowledge gained in that accounting class could be used to measure just how costly a credit card can be.

Carry a $3,000 balance at 19 percent annual interest and make a monthly payment of $60, and you'll find it takes nine years to pay off that credit card, and it will actually cost you $6,000.

If you don't want to be tempted with pre-approved credit card offers, you can stop them at www.optoutprescreen.com.

And there are few places more dangerous than campus when it comes to identity theft. Keep important documents like your bank account, credit card and Social Security numbers away from roommates, friends and other visitors.

And don't forget to keep your laptop secure physically and loaded with updated anti-virus, spyware and firewall software.

If you are a victim, the attorney general's office recommends the Identity Theft Repair Kit, available from the Consumer Protection Division at (800) 727-6432 or www.ago.ne.gov